In theory, what could possibly be wrong with explicitly warning users that they're being tracked with a hidden piece of data stored on their machines? However, in practice this has just led to a proliferation of popups on every website on earth. I'd bet that pretty much everyone just annoyingly clicks through whatever button gets them to the content. I wonder how many could even describe what a cookie is, let alone how it affects their privacy. And at the end of a day, people are perfectly willing to give up a little bit of their privacy in exchange for all the services available for free to the general consumer on the web.
I wish that the powers that be could see that the law has not had its intended effect and has instead just led to a degraded web experience for everyone.